The present invention relates to high frequency induction logging for determining the resistivity and dielectic constant of the earth. In U.S. Pat. No. 4,278,941 there is described a method and apparatus for logging rock formations that surround a borehole to determine both the resistivity and dielectric constant of the formation. In particular, the patent describes an induction logging tool having a transmitter and two receiver coils and operating in a radio frequency range of 20 to 60 megahertz. The method comprises utilizing both the in-phase and out-of-phase or quadrature voltage components measured at each receiver with respect to the phase of the transmitter current. The in-phase and out-of-phase voltages are used to compute the phase shift and voltage attenuation between the two receivers. Since the phase shift and voltage attenuation are relatively insensitive to borehole diameter and drilling mud resistivity, simple nomograms can be used to determine both the resistivity and dielectric constant of the formation. As an alternative, the formation resistivity and the dielectric constant can be computed using a properly programmed computer. The patent also describes a means using four receivers by which one can compensate for the mud invasion of the formation. It is preferable that the signals detected at the receivers be digitized before transmitting them to the surface to preserve their phase and amplitude. As is well known, the phase and amplitude of analog signals are considerably modified or distorted if they are transmitted over conventional well logging cables. While the method described in the patent provides superior resistivity and dielectric constant information using high frequency induction logging tools, its vertical resolution can be greatly improved if the high frequency induction logging operates at much higher frequency range of 100-500 MHz or higher. However, at such very high frequency, the depth of investigation of the formation is severely limited. It can be shown that the apparatus described in the patent, if it operates at 300 MHz, sees the formation only in those cases where the radius of the borehole is less than 6 centimeters. In fact, when the borehole is 16 centimeters or greater in radius, the tool sees only the mud resistivity. Since the tool must be run in an uncased borehole there are many instances where the borehole radius will exceed 8 centimeters. In fact, except in the case of very deep wells the uncased borehole radius will almost always be greater than 6 centimeters. Thus, the usefulness of the tool described in the prior patent is severely limited in a large majority of the actual wells that are drilled, if it operates at very high frequency to gain high vertical resolution.